Industry & Agriculture

The 2014/15 budget allocated $92.9m, out of a total of $902.4m, for the industry and trade sector under the 10th National Development Plan. Much of the current manufacturing sector is built around downstream energy applications, such as petrochemicals, although the country continues to encourage growth in other light industry and knowledge-based segments, including ICT and niche halal products. The Sultanate is focusing development on some of its key strengths, such as its young and well-educated workforce, developed infrastructure and abundance of energy. Agriculture, forestry and fisheries contributed just 0.73% to GDP in 2013 with $114.8m, requiring the import of around $470m worth of food each year. Recent strategic shifts have placed a new premium on reaching self-sufficiency in food production, including a new $3.14m project entailing the construction of an agricultural industrial park. Development of agro-industry and processing capacity with a bent towards exports is expected to provide long-term value for the sector, provided it can continue to attract investment.

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